Citi today announced that its Global Transaction Services business for Europe, the Middle East and Africa (Emea), has launched third party clearing for exchange traded derivatives in Turkey.
Citi already provides third party clearing for exchange traded derivatives in Germany, Switzerland, Greece and the Czech Republic.
This move by Citi is in response to the new 'Give Up' regulation initiated by the Turkish Derivatives Exchange (TurkDEX) and its clearing house Takasbank. Created with the view to increase market participation and trading volumes, this new regulatory change allows position transfers to custodian banks as third party derivatives clearing agents. Clients will benefit from operational, financial, risk and cost efficiencies as a result of this new regulation and Citi's swift action to create this new offering.
Emre Karter, Head of GTS, Turkey, Citi,said "Turkey is an increasingly attractive growth opportunity for investors and we are thrilled to be utilising our local knowledge of the country environment and proactive engagement with regulators and market infrastructures to help bring more investment into this promising economy. This new product launch also demonstrates Citi's leading edge in the Turkish market to provide our clients with new services and to match their evolving needs "
Satvinder Singh, Head of Direct Custody & Clearing, Europe, Middle East &Africa, Citi, said "Responding quickly and efficiently to regulatory changes is crucial for Citi to maintain a market leading position with world class execution, therefore we are delighted to offer third party clearing for exchange traded derivatives and to have expanded our foot print in the EMEA region for this product."